8th Jul 2008 15:52
Punch Taverns plc (the "Company")
8 July 2008
NOTIFICATION OF DIRECTOR / PDMR SHAREHOLDING
Long Term Incentive Plan (LTIP)
On 7 July 2008, in accordance with the rules of the Company's share related incentive schemes, the Company granted 295,202 LTIP shares, at a price of £2.71 per share (the closing share price on 4 July 2008), to Michael Tye an Executive Director of the Company.
The release of this award under the LTIP is dependent upon two measures:
50% of release is based upon growth in Earnings Per Share ("EPS") measured over three years against the base of 2006/2007 financial year. Of the 50%, one quarter will vest for annualised EPS growth of RPI+3% p.a. over the performance period with the full 50% vesting occurring for EPS growth of RPI+8% p.a. Straight line vesting will occur between these two points.
The remaining 50% is dependent on the Total Shareholder Return ("TSR") performance of the Company relative to a relevant comparator group. Of the 50%, one quarter of the award will be released for achievement of the median position, with the full 50% being released for achievement of a position at the upper quartile of the comparator group. Straight line vesting will occur between these two points.
The issued share capital of Punch Taverns plc is currently 266,457,979 Ordinary shares of 0.04786p each.
Date of Notification: 8 July 2008
Neil Preston
Company Secretary
Punch Taverns plc
01283 501 751
Related Shares:
Punch Taverns PLC